MG Properties Buys $76M Denver Community
This is the firm's third acquisition in the metro this year.
Amenities at Bear Valley Park Apartments include a swimming pool with sundeck. Image courtesy of MG Properties
MG Properties has purchased Bear Valley Park Apartments, a 260-unit community in Denver. Jackson Square Properties sold the asset for $76 million. JLL Capital Markets represented the seller and arranged the Fannie Mae acquisition loan. The 2003-completed asset previously traded in 2018 for $63 million, according to Yardi Matrix data.
The garden-style property encompasses nine two- and three-story buildings spread across 16.6 acres. Apartments consist of one- and two-bedroom layouts, ranging between 772 and 1,244 square feet. Units feature washers, dryers and private balconies or patios. Common-area amenities include a fitness center, clubhouse, business center, swimming pool with sundeck, coworking lounge, dog park and barbecue pavilion.
READ ALSO: Why Multifamily Solvency Will Demand Transparency
Located at 5775 W. Dartmouth Ave., the property is close to Bear Valley Shopping Center and Bear Creek Park. Southwest Plaza and Bowles Crossing shopping malls are within 6 miles, while downtown Denver is roughly 10 miles away.
The JLL Capital Markets team which represented the seller was led by Senior Managing Director Jordan Robbins and Director Alex Possick. Senior Managing Director Charles Halladay, Senior Director Rick Salinas, together with Managing Directors Brandon Smith and Annie Rice, arranged the acquisition financing on behalf of the buyer.
MG Properties expands Western portfolio
Bear Valley Park Apartments marks MGP’s third Denver-area acquisition in 2023. Earlier this year, the firm purchased a 316-unit Denver community for $95.3 million and a 204-unit community in Castle Rock, Colo., for $67.1 million.
In fact, in 2023 the firm expanded its Western region footprint as a whole. Acquisitions included a 324-unit property in Tempe, Ariz., and a 312-unit property in North Las Vegas, Nev.
Denver transactions cool off
According to Yardi Matrix data, only 39 multifamily properties—or 6,226 units—changed hands in the Denver market year-to-date through November, a considerable decline from the 90 communities—or 17,685 units—that traded during the same period of last year.
The average per-unit price, however, did not drop as significantly, falling to $327,663 during the first eleven months of the year, from $336,990 within the same time frame in 2022.
